(Bloomberg) -- Video-game maker Nexon Co. bought a $400 million minority stake in AGBO, the independent film production company co-founded by “Avengers” directors Joe and Anthony Russo, allowing both parties to develop games and films based on new entertainment properties.
The investment will give the Tokyo-based Nexon at least a 38% stake in the Los Angeles-based production company, valuing it at $1.1 billion, according to a statement Wednesday. AGBO may seek an additional $100 million from Nexon in the first half of this year.
The worldwide consolidation of independent television and film production companies picked up over the past year as streaming companies pushed for more content and creators sought funding for new projects. On Tuesday, former Walt Disney Co. executives Kevin Mayer and Tom Staggs bought a $60 million minority stake in Will and Jada Smith's entertainment company Westbrook.
“AGBO's partnership with Nexon represents a significant juncture for entertainment, furthering the convergence of franchise filmmaking and games with a global reach,” the Russo brothers said in the statement.
The pair are best known for directing four Marvel films for Disney, including two in the “Avengers” series that are among the highest-grossing in Hollywood history. AGBO was founded in 2017. Its recent productions include the 2020 action thriller “Extraction,” which ran on Netflix. They are working on a sequel.
Nexon is best known for its Dungeon&Fighter and MapleStory games, both of which are popular in South Korea.
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